FAIR VALUE OPTION (Tables)
|
9 Months Ended |
Sep. 30, 2016 |
|---|
| Summary of Financial Instruments for Which Fair Value Option Has Been Elected |
The following
table summarizes the financial instruments for which the fair value
option has been elected:
|
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|
|
|
|
|
|
|
| |
|
September 30,
2016 |
|
|
December 31,
2015 |
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Loans and
Receivables
|
|
$ |
75,901 |
|
|
$ |
261,994 |
|
|
Equity and Preferred
Securities
|
|
|
292,766 |
|
|
|
280,879 |
|
|
Debt Securities
|
|
|
13,841 |
|
|
|
15,176 |
|
|
Assets of Consolidated CLO
Vehicles
|
|
|
|
|
|
|
|
|
|
Corporate Loans
|
|
|
3,857,058 |
|
|
|
3,087,563 |
|
|
Corporate Bonds
|
|
|
473,275 |
|
|
|
379,000 |
|
|
Other
|
|
|
24,627 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,737,468 |
|
|
$ |
4,024,612 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Liabilities of Consolidated
CLO Vehicles
|
|
|
|
|
|
|
|
|
|
Senior Secured
Notes
|
|
$ |
4,263,747 |
|
|
$ |
3,225,064 |
|
|
Subordinated
Notes
|
|
|
184,475 |
|
|
|
98,371 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,448,222 |
|
|
$ |
3,323,435 |
|
|
|
|
|
|
|
|
|
|
|
| Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected |
The following
table presents the Realized and Net Change in Unrealized Gains
(Losses) on financial instruments on which the fair value option
was elected:
|
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|
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|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
September 30, |
|
| |
|
2016 |
|
|
2015 |
|
| |
|
Realized
Gains (Losses) |
|
|
Net Change
in Unrealized
Gains (Losses) |
|
|
Realized
Gains (Losses) |
|
|
Net
Change
in
Unrealized
Gains (Losses) |
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
Receivables
|
|
$ |
— |
|
|
$ |
298 |
|
|
$ |
— |
|
|
$ |
(1,235 |
) |
|
Equity and Preferred
Securities
|
|
|
27 |
|
|
|
10,200 |
|
|
|
(36 |
) |
|
|
(3,749 |
) |
|
Debt Securities
|
|
|
— |
|
|
|
(281 |
) |
|
|
— |
|
|
|
(342 |
) |
|
Assets of Consolidated CLO
Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Loans
|
|
|
16,672 |
|
|
|
33,071 |
|
|
|
2,578 |
|
|
|
(38,888 |
) |
|
Corporate Bonds
|
|
|
(662 |
) |
|
|
7,491 |
|
|
|
(988 |
) |
|
|
(4,578 |
) |
|
Other
|
|
|
(2,643 |
) |
|
|
— |
|
|
|
1,003 |
|
|
|
(305 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
13,394 |
|
|
$ |
50,779 |
|
|
$ |
2,557 |
|
|
$ |
(49,097 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities of Consolidated
CLO Vehicles —
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated
Notes
|
|
$ |
— |
|
|
$ |
(56,690 |
) |
|
$ |
— |
|
|
$ |
34,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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| |
|
Nine Months Ended
September 30, |
|
| |
|
2016 |
|
|
2015 |
|
| |
|
Realized
Gains (Losses) |
|
|
Net Change
in Unrealized
Gains (Losses) |
|
|
Realized
Gains (Losses) |
|
|
Net Change
in Unrealized
Gains (Losses) |
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
Receivables
|
|
$ |
— |
|
|
$ |
(2,395 |
) |
|
$ |
— |
|
|
$ |
(1,832 |
) |
|
Equity and Preferred
Securities
|
|
|
(266 |
) |
|
|
11,624 |
|
|
|
(273 |
) |
|
|
(11,240 |
) |
|
Debt Securities
|
|
|
— |
|
|
|
(1,335 |
) |
|
|
— |
|
|
|
(342 |
) |
|
Assets of Consolidated CLO
Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Loans
|
|
|
(12,288 |
) |
|
|
70,592 |
|
|
|
(2,269 |
) |
|
|
1,993 |
|
|
Corporate Bonds
|
|
|
(225 |
) |
|
|
6,548 |
|
|
|
(867 |
) |
|
|
(62 |
) |
|
Other
|
|
|
(2,377 |
) |
|
|
— |
|
|
|
4,276 |
|
|
|
(3,636 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(15,156 |
) |
|
$ |
85,034 |
|
|
$ |
867 |
|
|
$ |
(15,119 |
) |
|
|
|
|
|
|
|
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|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities of Consolidated
CLO Vehicles —
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated
Notes
|
|
$ |
— |
|
|
$ |
(58,558 |
) |
|
$ |
— |
|
|
$ |
23,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Information for Financial Instruments on Which Fair Value Option was Elected |
The following
table presents information for those financial instruments for
which the fair value option was elected:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
September 30,
2016 |
|
|
December 31,
2015 |
|
| |
|
|
|
|
For Financial Assets
Past Due (a) |
|
|
|
|
|
For Financial
Assets
Past Due
(a) |
|
| |
|
Excess
(Deficiency)
of Fair Value
Over Principal |
|
|
Fair
Value |
|
|
Excess
of Fair Value
Over Principal |
|
|
(Deficiency)
of Fair Value
Over Principal |
|
|
Fair
Value |
|
|
(Deficiency)
of Fair Value
Over Principal |
|
|
Loans and
Receivables
|
|
$ |
(11,587 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(8,845 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
Debt Securities
|
|
|
(1,761 |
) |
|
|
— |
|
|
|
— |
|
|
|
(426 |
) |
|
|
— |
|
|
|
— |
|
|
Assets of Consolidated CLO
Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Loans
|
|
|
3,330 |
|
|
|
— |
|
|
|
— |
|
|
|
(77,900 |
) |
|
|
1,088 |
|
|
|
(5,620 |
) |
|
Corporate Bonds
|
|
|
(2,111 |
) |
|
|
— |
|
|
|
— |
|
|
|
(6,046 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(12,129 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(93,217 |
) |
|
$ |
1,088 |
|
|
$ |
(5,620 |
) |
|
|
|
|
|
|
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|
| (a) |
Corporate Loans and
Corporate Bonds within CLO assets are classified as past due if
contractual payments are more than one day past due. |
|